Monday, February 3, 2014

Rick’s Pedigree Coins – 1921 Morgan in the Binion Collection


The 1921 Morgan silver dollars in the Binion Collection has always been interesting to me.

Before I talk about this coin, a word about NGC’s grading of the Binion hoard:

“Grading: NGC labeled Binion coins fall into 3 grading categories. The first category are coins that have been authenticated as being from the hoard and received “hard” grades. Graded coins that have a “hard” grade are like MS63 or AU55. In other words a specific and defined grade. The second category are coins that are authenticated and receive “soft” grades. Examples of soft grades are “Uncirculated” or “Brilliant Uncirculated”. No numeric grade is assigned. Coins in this group are less desirable than “hard” graded coins. And the third category are coins that have been authenticated as from the Binion hoard, but have received no grade. Many difficult to find dated coins fall into this category. While they are the least desirable to the refined collector, in many cases the rarity of the date/mintmark still create a market premium.”

 Now the 1921 Morgan silver dollar is really a rare item, but does not seem to bring the premium that you would expect.  The NGC census report shows a “hard graded” population of only 55 regular Binion Morgans and a population of 12 “Wide Reeds” 1921 Binion Morgans.  You would think that with such a low population that this coin would be sold at a hefty premium; however, relative to the low availability it still sells for a very economical price.  I am not sure it the Binion collector is not aware of the rarity or if the over-all general population of 1921 Morgans just turn the collector off on this coin.  Whatever the reason, if someone had the interest they could easily acquire and corner the market on this Binion at a low buy-in price.

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